Corporate News
A KCB banking hall. Mr Ken Ouko is expected to grow the bank’s corporate banking business. PHOTO | FILE
By MUGAMBI MUTEGI
Kenya Commercial Bank (KCB) has hired a new director for corporate banking from rival Chase Bank to replace James Agin who moved to Barclays in the same capacity.
The country’s biggest bank by asset base tapped Ken Ouko who
until his new appointment was the director of business development at
Chase, a mid-sized lender.
“Mr Ouko has joined KCB with effect from this month,” KCB said in a statement.
He replaces Mr Agin who left the bank late last
year, highlighting increased executive poaching seen in the competitive
banking industry. Mr Ouko is a banker with over 20 years’ experience at
senior levels in various banking institutions.
His appointment comes at a time when medium-sized
banks have raised billions of shillings in new capital, pushing for a
larger share of the corporate lending segment dominated by big banks
like KCB, Barclays and Standard Chartered.
KCB’s corporate loan book stood at Sh116 billion as
of December 2013, representing half of its total lending. Deposits by
corporate customers stood at Sh136.6 billion in the same period. Mr Ouko
is expected to grow the bank’s corporate banking business including in
the Islamic banking segment where it is venturing into.
KCB is set to rebrand five branches into fully-fledged Islamic outlets by May but it will also be offering the products alongside conventional services in all other branches.
These are Eastleigh, Kimathi Street, and Hurlingham
in Nairobi and Mwembe Tayari and Town Centre in Mombasa. KCB Bank
Tanzania has been offering Islamic banking services for years.
The bank is the latest to deepen its presence in Islamic banking, joining rivals like Commercial Bank of Africa.
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